unauthorised payments charge

unauthorised payments charge
In the context of pensions, a charge to income tax made on an unauthorised payment under the Finance Act 2004. The charge is made at a rate of 40% of the unauthorised payment. An additional surcharge of 15% is levied if the unauthorised payment exceeds specific limits.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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